Untapped Potential Of Vietnam's Fintech Landscape
What is Instamo and how it provides a *one-stop solution* to cross-border payment issues.
1. Vietnam offers tremendous growth potential for the fintech industry to thrive.
Factors such as a young demographic, growing smartphone penetration, and prevalence of cash as main payment method provide great opportunity for fintech developers. The Vietnamese fintech industry is still in its infancy, implying a non-saturated and upcoming market. Vietnam’s banking sector is largely underdeveloped, with relatively small progress in the fintech industry.
In 2017, Vietnam received a total of US $3mn as total fintech investment, as opposed to the South-East Asia’s leading fintech hub – Singapore- that attracted US $983.6mn as total fintech investment (Kapronasia, 2019).
2. The Vietnamese government is eager to establish Vietnam as a cashless society by 2025 by promoting fintech innovation.
These factors combine to create a conducive environment for Vietnam’s fintech sector to evolve into the next hotbed for fintech. Vietnam’s traditional banking industry is currently plagued by several issues – low banking penetration, fragmentation, inefficient and expensive cross-border transactions, lack of regulated banks and money services, high foreign exchange rates. These issues hinder the progress of Vietnam’s banking industry. However, technological integration into the banking industry can help solve these issues to a great extent. And at Hawking Instamo, we strive to provide a one-stop solution to these issues and cater to the needs of our customers and partners.
Hawking Instamo is an API international payment hub that provides real time cross-border payment capabilities to banks and financial institutions and fintech companies. Instamo’s user-friendly mobile application allows its customers to transfer money with a few clicks to different countries at cheap rates, that too instantly. Instamo also helps companies expand globally by providing them with a sustainable business model, thus allowing them to fulfil all their payment needs conveniently. Hawking Instamo’s features thus aim to tackle the problems prevalent in the banking industry by providing customers with a cheap, convenient, safe, efficient and user friendly alternative for their banking needs.